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Dalal Street snapped its 5-day losing streak and closed higher aided by gains in auto, IT and FMCG stocks. The Sensex surged 1.02% and the Nifty 50 jumped 1.05%.
In the broader markets, the Nifty Midcap 100 rose 0.75% and BSE Smallcap was up 0.36%.
Top gainers among Nifty sector indices were Auto [2.20%], IT [1.16%], FMCG [1.03%], Pharma [1.02%], and Energy [0.88%]. Top losers were Media [-0.46%], Metal [-0.33%] and PSU Bank [-0.19%].
Indian rupee rose 29 paise to 76.21 against the US dollar on Wednesday.
Stock in News Today
HDFC: The mortgage lender has sold its 10% stake in HDFC Capital to a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) for about Rs 184 crore. ADIA is also the primary investor in alternative investment funds managed by HDFC Capital.
JSW Group: The group will develop a 900 MW pumped storage hydel power project in West Bengal, its chairman Sajjan Jindal announced on Wednesday. Jindal was addressing the inaugural session of the Bengal Global Business Summit, and he added it will be developed on a nomination basis.
Infosys: Nascent Information Technology Employees Senate (NITES) has raised a complaint against the IT giant with the Ministry of Labour and Employment, Government of India and Ministry of Corporate Affairs over the contract guidelines for restricting former employees from working with competitors TCS, Wipro, Cognizant, IBM and Accenture. NITES is an NGO working for welfare and benefits of IT/ITES and its related sector employees and actions focused on various issues faced by IT/ITeS/BPO/KPO employees.
Inox Wind: The company has approved fund raising, aggregating to Rs 402.5 crore through preferential issue of equity shares and convertible warrants. Promoters will infuse Rs 150 crore through preferential issue of equity shares. Samena Green will infuse Rs 152.5 crore, while Lend Lease Company will invest Rs 100 crore through preferential issue of equity shares and convertible warrants.
Alembic Pharmaceuticals: The drug maker said that it has received an approval from the US health regulator to market lvabradine tablets in the American market. lvabradine Tablets are used to reduce the risk of hospitalization for worsening heart failure in adult patients.
Benares Hotels: Shares of the company nearly zoomed 5% after the company reported strong results. The company’s Q4 net profit soared 197% to Rs 3.03 crore for the quarter ended March 2022, compared with Rs 1.02 crore in the year-ago period. Total income was up 46.3% YoY at Rs 16.18 crore in the reported quarter from Rs 11.06 crore in the same period last year.
Sona BLW Precision Forgings: Shares of the company closed 4.5% higher after the company announced strategic partnership with Canadian firm Enedymn to make magnet-less EV motors. The two firms will develop next generation switched reluctance motor drive platforms for Indian road and usage conditions targeting 2-,3- and 4-Wheeler EVs. Enedym will license its SRM technologies to Sona Comstar for manufacturing for target applications exclusively in India.
PSP Projects: Shares of Ahmedabad-based construction company rose 5.3% after the company confirmed securing orders worth Rs 938.76 crore, including fresh work orders worth Rs 511.39 crore and Rs 327.39 crore in FY22 and FY23 respectively.
VRL Logistics: Shares of the company closed 9.9% higher after the company announced signing an MoU with Ratna Cements for transfer of wind power undertaking on a slump sale basis for Rs 48 crore. The buyer placed a token advance of Rs 2 crore ahead of the MoU and has set a time till July 31, 2022 to complete the transaction.